Questions include: “How useful is the fix?” and “How often do you use it?” The LBMA also asks what kind of institutions they’d like to see contribute to a potential new benchmark and if and how it should differ from the current system.

Once the LBMA has received feedback it will begin to work towards implementing a new system. This will likely include evaluating alternative benchmark offerings by exchanges and brokerages and finding an administrator for a new system, according to a person familiar with the matter.